The Walt Disney Company (DIS) unveiled its slate of 12 board member nominees on Tuesday, notably snubbing Trian Fund Management CEO Nelson Peltz's activist investor campaign after his bid for a seat fell short last week. New additions include leaders from General Motors (GM), Lululemon (LULU), and Morgan Stanley (MS).

The board refresh comes as Disney CEO Bob Iger reassures plans to prioritize streaming investments and transform ESPN into a content juggernaut.

Yahoo Finance's Seana Smith and Bradley Smith break down the details.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Angel Smith

Video Transcript

BRAD SMITH: Trending tickers we're watching today. Disney has nominated 12 people to its board of directors, formally rejecting the ones put forward by Nelson Peltz. The media giant also disclosed CEO, Bob Iger's compensation, which doubled in 2023. There, you're taking a look at shares pre-market. They're down by about 7/10 of a percent.

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What they had mentioned within this is that the board does not endorse the nomination of Nelson Peltz and James Rasulo put forth by Trian Fund Management. However, of course, some of the notable figures that are the ones that were put forward by the brand, everyone from Lululemon CEO, Calvin McDonald-- you've got, of course, the GE-- GM CEO as well, Mary Barra in there, and then additionally, Mark Parker who is one of the noted and famed former CEOs of Nike as well here.

SEANA SMITH: Yeah, Safra Catz also among them, CEO of Oracle. The former CEO of Morgan Stanley, James Gorman. But talking about why Disney is fighting back against Iger and taking issue with him being named as one of the board members here, a couple of interesting points that I wanted to call out here just in terms of why Disney rejected Peltz's board seat.

A couple of things. They didn't-- he did not disclose one strategic idea for Disney, this is according to Disney's board. His assessment of Disney seemed oblivious to the ongoing secular change in the media industry. They also went on to say that he doesn't have much experience in media and technology sectors. And also some concerns about how the partnership with Perlmutter, his relationship there.

We know that Perlmutter has a very complex past with Iger and with other Disney executives, so exactly how that is going to impact Peltz's agenda with Disney with some of the issues that Disney really brought to light in this rejection of Peltz and his proposal should be one of the names nominated to this board.